Fawcett’s Favorites 8-8-22

Every week I find a few great articles I feel are especially valuable. Following are this week’s best. I hope you find them as useful as I did.

This week’s favorites include how to financially support your loved ones, the honeymoon phase of early retirement, real estate and business tax tips, retirement gets easier as the years go by, and money tips from Mark Cuban.

Happy reading!

One of the burdens of having a high income is feeling the need to help those in your extended family who are not doing as well as you. Especially when they hit a bump in the road like a medical issue, a car that blew a transmission, or a job loss. Gen Y Planning has a few ideas that may help in How to Financially Support Your Loved Ones Without Derailing Your Plan. Remember what they say on the airplane, put your own oxygen mask on before helping others. You must be sure your own finances are in order before you begin helping others. It could create a big problem for you and your family by relieving their money problem ahead of your own financial needs. Who will bail you out then? Once you are in a good position, you will have extra money available to help others.

There is a sense that if I retire, life will somehow be much better. But in reality life is the same before and after retirement, you just switch up a few of your activities. You might not work for money anymore, but you will still spend your time working in a different capacity. FI Physician helps out with this concept in the article The Honeymoon Phase of Early Retirement. After you clean out the garage and all the rest of the house, visit your relatives, and knock a few travel destinations off your bucket list, you will realize that life is still going on as it was. You will need to find your new purpose. The hope is the new purpose will be just as or more fulfilling than the old career.

Taxes are something every high earner is worried about as they are often the single largest expense in their budget. The bad part of our tax system is we can only take tax deductions if we know about them, as they are not given automatic. This is a pet peeve of mine. I think all taxpayers should be treated equally. There should not be tax advantages for those who “figured it out” leaving those who were unaware to pay more taxes than required. Generational Wealth MD shares with us Tips on How to Maximize Your Rental Property and Small Business Tax Deductions. This article will put you in the group that has “figured it out.”

Many people find themselves in early retirement worried about what they will do with all the years ahead without a job. Will I have enough money? Will I lose all my working friends? What will I do with my time? Leisure Freak had the same thoughts and has learned that Early Retirement Gets Easier Every Year. I have learned the same lesson. I have settled into my new life and don’t really remember what the old one was like. 

Many people watch the TV show Shark Tank and want to be like the sharks. But what does it take to be a shark? Budgets Are Sexy speaks to that point in looking at Seven Money Tips from Mark Cuban. Are you destined to be a shark someday? How many of Mark’s money tips do you follow?

I hope you enjoy these articles as much as I did. I look forward to updating you again next week with a few more articles I find especially interesting. If you read an especially good article, send me the link so I can share it with others.

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